Capital Adequacy
Hartley Pensions Limited are in full compliance with the latest FCA capital adequacy rules that came into force affecting SIPP providers.
How it affects you ...Hartley’s Technical team are here to help you. You will find a comprehensive list of questions that we frequently get asked by Financial Advisers and clients. If you can not find an answer to your question or if you want further information please contact the technical team by the message option below.
There are 3 types of ISA:
You can put money into one of each kind of ISA each tax year. This is known as “One ISA of each type of Tax Year” Rule.
Hartley Pensions Ltd offer a Stocks and Shares ISA and Innovative finance ISAs. To open one of these ISAs you must be 18 years old or over.
You must also be a resident in the UK or a Crown Servant or their spouse or Civil Partner.
Hartley Pensions Ltd also offers a Junior Stocks and Shares ISA for children under the age of 18.
Your ISA Manager will be Hartley Pensions Ltd who are regulated by the Financial Conduct Authority (FCA), reference number 735936.
Whilst your money is being held in a deposit account which we set up for you, it is covered by the FSCS’s UK deposit recovery scheme. When your money is invested on a particular platform/s it may also be covered by the FSCS. Further information can be found on the FSCS website by visiting: http://www.fscs.org.uk/
Yes. You have a legal right to cancel your Hartley Stocks and Shares ISA, within 14 days of you receiving the welcome pack. Please notify us in this instance.
ISA charges & key benefits at a glance
The charging structure for all Hartley ISAs is completely transparent. There are no hidden charges. For more information, see our comparison chart below.
Innovative ISA | Stocks & Shares ISA | Stocks & Shares Junior ISA | |
---|---|---|---|
Establishment fee | £150 | £150 | £50 |
Annual admin fee | £200 p/a | £200 p/a | £100 p/a |
Clear & low charges | ✔ | ✔ | ✔ |
Tax-free investment | ✔ | ✔ | ✔ |
Flexibility to choose investment platform | ✗ | ✔ | ✔ |
Ability to change investment platform | ✗ | ✗ | ✔ |
Your own ISA Administrator | ✔ | ✔ | ✔ |
No transfer out fees | ✗ | ✔ | ✔ |
Can provide higher interest rates than cash ISAs | ✔ | ✗ | ✗ |
Flexibility to choose the right P2P plaftform | ✔ | ✗ | ✗ |
All prices are exclusive of VAT
HMRC have termed adding money to your ISA as ‘subscriptions’
In the 2016/2017 tax year the maximum you can subscribe into an ISA is £15,240. This amount is the total across all ISAs that you may own.
For example: You could save £10,240 in a cash ISA, £2,000 in a stocks and shares ISA and £3,000 in an innovative finance ISA in one tax year.
If you have subscribed to an existing ISA not held with us then this will also count towards the subscription limit.
For Junior ISAs (JISAs) the maximum subscription limit for 2016/2017 tax year is £4,080.
From 2017/2018 tax year the subscription limit for ISAs is to increase to £20,000 and for JISAs £4,128.
You can withdraw funds at any time by alerting us. We can arrange a one-off payment or regular payments to be made into a bank account in your name.
No. However if disinvestments are made to cover a withdrawal then trading charges may apply
Yes. You can transfer your existing ISA investments to your Hartley Stocks and Shares ISA by completing our simple Transfer-In form and asking your existing ISA provider to make the transfer.
If you transfer current tax year subscriptions into a Hartley Stocks and Shares ISA then these count towards to the subscription limit. However if you transfer in previous years subscriptions then you still able to pay the full allowance for this tax year.
No, we are so confident you will be impressed with your service that we do not charge a fee to transfer out
Once we are advised of your death, we will take steps to close your ISA as it stops being tax-exempt from the date of death. We will liaise with the executor of your estate regarding the sale of any investments still held in your account (as it no longer benefits from the ISA “wrapper”). Tax will accrue on any gains from your investments from the date of death and payment of any tax on these gains will be overseen by the executor or administrator of the estate. The assets held will form part of your estate and are potentially liable to inheritance tax.
The APS is an allowance passed to your spouse when you die. This allowance is in addition to their own subscription limit.
The Value of the APS is limited to the value of your ISA at death.
For example
The value of your ISA is £45,000 at death, this figure is added to your spouses subscription limit of £15,240 allowing a total subscription of £60,240 into their own ISA
A Cash ISA allows you to subscribe cash into a tax efficient vehicle where funds can be readily available to you.
To open a cash ISA you have to meet the following criteria;
Your ISA will be formally opened from later of;
You can check the opening or ‘commencement’ date of your ISA in your welcome pack.
Yes – you can set up a direct debit to come out of your account on the 1st of every month at a frequency of your choice. We can then make a one-off or regular payments to the platform/s of your choice.
Introduced on 6th April 2016 and Innovative ISA allows you to lend direct to borrowers which allows you enjoy better rates. When lending through an Innovative ISA and interest you receive back will be tax-free
The Qualifying investments that you may purchase, make or hold in an Innovative Finance ISA, are:
Peer to Peer lending is something known as P2P lending it allows borrowing and lending between individuals or peers without using banks or building societies.
Your ISA will be formally opened from later of;
You can check the opening or ‘commencement’ date of your ISA in your welcome pack.
We will keep the cash in a segregated client account with Barclays while we await your instruction for investment.
A Junior ISA was introduced in October 2010 to provide children with a tax free savings account.
There are two types of JISAs, a child can have either;
Hartley Pensions Ltd do not offer Junior ISAs
As long as you child meet the following conditions then you can apply for a JISA;
A JISA can be opened by someone with parental responsibility of a child who is under 16 years of age. This person will be come a registered contact for the ISA.
A registered contact is an individual with parental responsibility of a child who will agree to the terms and conditions under which the Junior ISA (JISA) will operate and give instructions for the management of the account.
Withdrawals from a JISA are restricted, it is only possible to make withdrawals under the following circumstances;
Hartley Pensions Limited are in full compliance with the latest FCA capital adequacy rules that came into force affecting SIPP providers.
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